SWS accepts new €60m IAWS offer

THE board of South Western Services (SWS) of Bandon, Co Cork yesterday accepted a €64m offer from IAWS Co-op for its business outsourcing and energy divisions.

The deal is worth a total of €48 million to the four West Cork Co-ops and Dairygold. Senior management will walk away with €16m over time.

After 12 months €42.5m will be paid over to Dairygold, Bandon, Drinagh, Barryroe and Lisavaird and to the management who held a reduced 25% stake in the business.